Gold 1930's within support zone, Pause or Continuation!!!
GOLD is consolidating and is within Support zone of 1940-1910, todays low at 1933 which is at 38% of the 1811-2009 move and roughly 75pts move, can GOLD continue lower possible or does it consolidate. Gold can consolidate and upside resistance = 1955-1968. break above these levels then 1975-1990 next resistance levels.
Continuation from 1930's Lower then expect 1910-1900 & 1885-1855 as next support levels.
Downside should hold 1910-1900 as support.
Is gold consolidating the whole move from 1811-2009?? if so then 2009-1933 could be the 1st phase down(wave ,move , etc or call it whatever you like) then another consolidation from 1933-??= possibly upto 1985 then another phase lower to 1910-1900 or lower to 1885-1855.
Alternate Scenario would be that 1811-2009= 1, 2009-1933=2 then market turns around and continues higher 1933-?= 3 (2010-2040 or higher).
Have a great weekend.
Continuation from 1930's Lower then expect 1910-1900 & 1885-1855 as next support levels.
Downside should hold 1910-1900 as support.
Is gold consolidating the whole move from 1811-2009?? if so then 2009-1933 could be the 1st phase down(wave ,move , etc or call it whatever you like) then another consolidation from 1933-??= possibly upto 1985 then another phase lower to 1910-1900 or lower to 1885-1855.
Alternate Scenario would be that 1811-2009= 1, 2009-1933=2 then market turns around and continues higher 1933-?= 3 (2010-2040 or higher).
Have a great weekend.
Comment:
Gold has been within my price zone got to 1966 then turned up to get to 2007 another 40pt move, let see what happens from these levels as it has started to consolidate again, will we get another 30pt consolidation?
2007-30= 1977 quite possible as price is at 1990, my price range= 1978-1969.
A little overview from 1933-32 price level:
1933-1975(40pts+/-), 1975-1956(20pt+/-), 1956-1993(40pt+/-),1993-1966(30pts+/-), 1966-2007(40pts)= 5 waves but they have overlapped too.
1933-1993= abc 1993-1966=abc(x)1966-2007=abc... on a roll here but wait 1993-1966 was the largest consolidation therefore 1966-2007=a, 2007-?=b (1978-1969) then one more wave higher 1970?-2010?= c???.
Should there be a bigger consolidation a break below 1966-1963 then price could go as low as 1956-1947 or even lower to 1933 and beyond.
2007-30= 1977 quite possible as price is at 1990, my price range= 1978-1969.
A little overview from 1933-32 price level:
1933-1975(40pts+/-), 1975-1956(20pt+/-), 1956-1993(40pt+/-),1993-1966(30pts+/-), 1966-2007(40pts)= 5 waves but they have overlapped too.
1933-1993= abc 1993-1966=abc(x)1966-2007=abc... on a roll here but wait 1993-1966 was the largest consolidation therefore 1966-2007=a, 2007-?=b (1978-1969) then one more wave higher 1970?-2010?= c???.
Should there be a bigger consolidation a break below 1966-1963 then price could go as low as 1956-1947 or even lower to 1933 and beyond.
2 waves complete from 1933 and roughly about 40pts each but 60pts overall.
FROM 2004-1933-1975-1956-1993= XABCD, if this is complete then expect 1963 support, break below 1963=1946, break below 1946= 1933 and lower.
Have a great weekend